News & Update

Ban on Foreigners to Invest in Event Management in Maldives

16-Jun-2018

From Bollywood glitterati to world-famous Athletes, from Royals to the Hollywood celebrities, Maldives is a regular hot spot for the rich and famous personalities. Now the question comes that what is so special that these many celebrities and also apart from the people from all over the world want to visit this place.

Well, there are uncountable reasons but the most prominent one being isolation. It is a paradise hidden away from the paparazzi and privacy is the name of the game.

Talking from a business point of view, here is sad news for them who wants to make investments in event management in the Maldives.

To boost local employment, recently (Thursday) the Maldives government announced that foreign investments would no longer be permitted in event management, renting of audiovisual equipment, sale or renting of musical instruments and related services in the island country. Not only that, but the government also ban on employing foreign cashiers in restaurants, cafes and shops whereas existing foreign-owned businesses were instructed to cease operations.

Having said that, if they still want to continue then their investments will be restricted to partnerships with at least a 51 percent stake owned by Maldivians.

Do you think the Maldives government has taken a right decision? Let us know in the comment box below.